Bitcoin back above $50,000; ether, dogecoin, Shiba Inu also surge. Check cryptocurrency prices today
Premium- Cryptocurrency prices today: Ether gained over 4% whereas dogecoin surged more than 5% and Shiba Inu 6%
Bitcoin prices today climbed back above $50,000 after the weekend sell-off. The world's largest and most popular cryptocurrency was trading more than 4% higher at $50,904. Meanwhile, global crypto market cap rose 5% to $2.5 trillion, as per CoinGecko.
Ether price gained nearly 5% to $4,336 whereas dogecoin surged over 5% to $0.17 and Shiba Inu rose more than 6% to $0.000038. The performance of the other cryptocurrencies also improved as Litecoin, XRP, Polkadot, Uniswap, Cardano, Solana, Polygon, Avalanche were trading with healthy gains over the last 24 hours.
"Ethereum continues to hold strong against Bitcoin even as ETH balance on exchanges hits a 3-year low. The ETH daily chart indicates a strong ascending channel pattern. An immediate support is seen at $4,000 and the next resistance could be around the $4,900 mark. With Ethereum growing stronger within the NFT and Metaverse space, it could be anyone’s guess where the token is headed," said Siddharth Menon, COO, WazirX.
Bitcoin and other cryptocurrencies dove this weekend amid a greater risk-off sentiment that also encompassed selloffs in many areas of the U.S. stock market. It happened as spiking inflation is forcing central banks to tighten monetary policy, threatening to reduce the liquidity tailwind that lifted a wide range of assets.
Bitcoin, famed for its volatility, has shed more than $21,000 since hitting a record in early November, but it’s still up more than 75% this year.
Cryptocurrency products and funds received $184 million in net inflows as of last week, data from digital asset manager CoinShares showed on Monday. Friday's price weakness, however, did lead to $40 million outflows that day. For the year, total inflows amounted $9.1 billion, slightly below the record peak of $9.5 two weeks ago.
(With inputs from agencies)
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